A collection of news and insights about our firm and developments in the law, finance and insolvency industries
There are two circumstances where a liquidator can be voluntarily appointed by a company. Both of these appointments are made by special resolution of a company’s members and can be distinguished by the appointment to a solvent or insolvent company. A voluntary liquidator appointed to a solvent company is made when a company resolves for […]
Summary The writer’s view is that 95% of voluntary administrations fail to meet the stated objective of the regime, being saving goodwill value of insolvent businesses, saving jobs and repaying a decent percentage of unsecured creditor debts (in double digits). Unfortunately, there is no conclusive empirical evidence to prove or disprove this proposition. This blog […]
What is an asset protection trust? Any form of trust that provides for assets to be held on a discretionary basis under the control of a trustee for the benefit of the beneficiaries. Where are the tax havens? These offshore jurisdictions prefer to call themselves Offshore Financial Centers (OFCs) and they may be broken up […]
Summary An insolvency lawyer is a legal professional who specialises in dealing with the Corporations Act 2001 (Cth) and its insolvency provisions. The benefit of a good insolvency lawyer is true professionalism. Thoughtful advice from an insolvency lawyer should save directors a lot of financial pain and wasted effort if their company faces insolvency. Discussions […]
Summary: What is a Director Penalty Notice? A Director Penalty Notice (DPN) is a tax enforcement instrument issued by the Australian Taxation Office for unpaid tax debt. It is issued to directors of companies and if it is not complied with they become personally liable for the company’s unpaid tax debts. A “lockdown” director penalty […]
Help, my company is insolvent! Who should I call? When a company becomes insolvent, the directors have a difficult challenge ahead if they want to salvage it. The first task company directors have is to work out who is going to be their trusted adviser. If a director “starts developing” a restructuring plan they can […]
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